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The research reports excerpted here were issued recently by investment and research firms. Many may be obtained through Thomson Reuters at thomson.com/financial or 800-638-8241. Some are available in the company-research area of WSJ.com, or through Factiva.com. Some of the reports' issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.

The positives: We believe that Lazard Asset Management performance remains strong, and buoyed by continued equity-market appreciation; year-to-date financial advisory backlogs have steadily built for the firm (more so than for the industry), and further progress has been made toward management's 25% operating-margin goal. All these should help support results and meaningful earnings expansion.

Progressive reported operating EPS of 42 cents in first-quarter 2013, which was in line with our estimate of 42 cents and slightly below the consensus estimate of 45 cents. The company reported operating EPS of 34 cents in first-quarter 2012.

The company has shown solid growth in net premiums written. Consolidated NPW increased 7% year over year (which matched our estimate), to $4.4 billion, in first-quarter 2013, reflecting a 7% Y/Y increase (our estimate was 6% Y/Y) in personal-lines NPW, to $4 billion, and a 7% Y/Y increase (our estimate was 9% Y/Y) in commercial-auto NPW, to $461 million.

General Electricge -0.07656967840735068%General Electric Co.U.S.: NYSEUSD26.1
-0.02-0.07656967840735068%
/Date(1438376405357-0500)/
Volume (Delayed 15m)
:
22490767AFTER HOURSUSD26.09
-0.01-0.038314176245210725%
Volume (Delayed 15m)
:
706739
P/E Ratio
581.2917594654789Market Cap
262981768687.412
Dividend Yield
3.524904214559387% Rev. per Employee
468803More quote details and news »geinYour ValueYour ChangeShort position
• GE-NYSE Overweight • Price $23.13 on April 8 by Barclays GE announced today that it entered into an agreement to acquire for $3.3 billion, or $88.50 per share, Lufkin Industries, a provider of artificial pump and lift technologies for the oil and gas industry and a maker of industrial gears. The deal is right up GE's power alley, as Lufkin broadens GE's artificial-lift capabilities and falls within its stated $1 billion to $4 billion target-size range. Bears may pick on the purchase price of 13.5 times 2013 estimated earnings before interest, taxes, depreciation, and amortization. Our target price stays at $26.

Discovery Communications
• DISCA-Nasdaq Equal Weight • Price $78.60 on April 9 by Morgan Stanley We are increasing our year-end 2013 price target to $83 for the television-content provider and network owner as we raise our advertising-revenue estimates for first-quarter 2013 and 2014, due to strong ratings trends and healthy scatter pricing [for last-minute ad buys]. With broadcast ratings down approximately 10% this season, Discovery's ability to serve as the supplier of replacement inventory positions its networks well heading into the upfront [the preseason meetings at which ad schedules and rates are negotiated by advertising sellers and buyers].

Our price target is based on our discounted cash-flow methodology, and implies 12-times enterprise value/2014 Ebitda, a modest discount to current valuation.

Orient-Express Hotels
• OEH—NYSE Neutral • Price $10.29 on April 10 by JPMorgan We are making adjustments to our income-tax estimates for OEH, and have not made any changes to our operating assumptions for the company. This brings our full-year 2013 EPS estimate to 18 cents (down from our prior 55 cents) and 2014 EPS to 34 cents (down from 71 cents). Our operating/Ebitda assumptions are unchanged.

We stay Neutral on OEH at this point, and believe it will continue to trade more on mergers-and-acquisitions interest than fundamentals. It appears that the company is prepared to go it alone (on the heels of recent management hires and enlivened business strategy), unless it receives a truly premium offer (recall last bid was at $12.63).

Life Technologieslife 3.362734288864388%aTyr Pharma Inc.U.S.: NasdaqUSD18.75
0.613.362734288864388%
/Date(1438376400284-0500)/
Volume (Delayed 15m)
:
80330AFTER HOURSUSD18.75
%
Volume (Delayed 15m)
:
254
P/E Ratio
N/AMarket Cap
443156254.291534
Dividend Yield
N/ARev. per Employee
N/AMore quote details and news »lifeinYour ValueYour ChangeShort position
• LIFE-Nasdaq Hold • Price $66.06 on April 10 by S&P Capital IQ We are lowering our recommendation on the shares of the life-sciences company from Buy to Hold. Unconfirmed reports from several sources say private-equity firms including Blackstone and the Carlyle Group missed yesterday's deadline to bid for LIFE but still plan to put in an offer as they seek financing. The reports also said
Thermo Fisher Scientifictmo 0.29470960322024153%Thermo Fisher Scientific Inc.U.S.: NYSEUSD139.53
0.410.29470960322024153%
/Date(1438376613700-0500)/
Volume (Delayed 15m)
:
1133660AFTER HOURSUSD139.53
%
Volume (Delayed 15m)
:
56296
P/E Ratio
28.533742331288344Market Cap
55540893677.9089
Dividend Yield
0.4300150505267684% Rev. per Employee
330469More quote details and news »tmoinYour ValueYour ChangeShort position
(ticker: TMO) submitted a bid. We think TMO's offer will be higher than a financial buyer's, as the combination of the two companies would offer revenue and cost synergies. However, LIFE's shares have run up over the past few weeks, and we see limited upside to our $72 target price.

Agrium
• AGU-NYSE Buy • Price $95.04 on April 9 by Dundee Capital Markets We are maintaining our Buy recommendation on Agrium after the annual general meeting. The agricultural-products-and-services company was successful at electing its 12 directors after a lengthy and public debate and a battle with investor Jana Partners, its largest shareholder at 7.5%, which did not earn a board seat (there were five director nominees).

While AGU's valuation has been compressed more that its peers since January as a result of lower crop-price forecasts, we remain cautious in the near term related to potential Jana-related selling.

Juniper Networksjnpr 1.6452074391988556%Juniper Networks Inc.U.S.: NYSEUSD28.42
0.461.6452074391988556%
/Date(1438376581366-0500)/
Volume (Delayed 15m)
:
8029900AFTER HOURSUSD28.46
0.040.14074595355383532%
Volume (Delayed 15m)
:
105246
P/E Ratio
N/AMarket Cap
11221267729.7086
Dividend Yield
1.4074595355383532% Rev. per Employee
513059More quote details and news »jnprinYour ValueYour ChangeShort position
• JNPR-NYSE Neutral • Price $18 on April 9 by Wedbush We maintain our Neutral rating due to continued uncertainty on enterprise spending, with challenges in the federal-government market; ongoing, developing threats in security that may force the company to change its focus; and service-provider spending environment that remains lackluster. We acknowledge that the company is in the early stages of improving its overall positioning in networking and are encouraged by the benefits of cost-reduction efforts. However, we believe there are still risks due to macroeconomic head winds and lack of sustained improvement in the business. We continue to remain on the sidelines but would become more constructive should our checks indicate a material improvement in the spending environment.

Our third-quarter 2013 estimated EPS of 72 cents is six cents below the consensus 78 cents. We have also lowered our 2013 estimated EPS by 17 cents, to $2.96, reflecting increased debt expenses and inventory management. The synergies that Latrobe could achieve were a primary reason for our initiation of coverage. Those synergies are now running double announced expectations, and CRS sees more room for upside from them.

However, these synergies are emanating from the investments Latrobe had made in its premium-alloy end-markets (aerospace/energy). What is apparent is that the low-value alloy portion of Latrobe's portfolio does not offer as aggressive an opportunity for growth. Therefore, we have also re-based our 2014 and 2015 estimates by 55 cents and 75 cents, to $3.70 and $5, respectively. We have also reduced our price target by $10, to $65, based on 13-times our 2015 estimated EPS.